With the new year, it is good to think about ways that you can change your life for the better. If you are ready to take control of your financial future and be your own boss, then buying a franchise may be just what you are looking for. However, it is not just as easy as deciding to buy a franchise and then becoming an owner. There is a process to finding the right franchise opportunity for what you are looking for. Here’s what you need to know to find the right one for you.
Start with Reflection
The first thing you want to do is think about your current situation and how you can make this work for you. There are several things that you need to think about but the first is the industry you want to be in. You should base this on a few things. One is what industry or industries you have the most experience in. Along with this, you should also think about what you enjoy doing. Ideally, you want to find an industry that you not only have experience in but are also passionate about as this will help you to be more successful. For instance, if you are a pet lover with experience in retail then you may want to look at the pet industry to see what they have to offer.
Look at Your Finances
Now that you know the industry or industries you want to go with for your franchise opportunity you may think it is time to start looking at what is out there. Before you start doing this you want to take the time to know how much money you have for this. Keep in mind that most people do not completely pay for a pet franchise out of pocket, but this does not mean you should rely solely on financing. Take the time to evaluate your finances to get a better understanding of the price range you will be looking for with the franchise you select.
Along with this you also need to look at what funding sources you can utilize. This means looking at your credit score to determine whether or not you can get a loan. There are many types of loans and other financing options out there that you will at least want to look at before beginning the process. While you do not have to know for sure which funding sources you will use at this point, it is good to have an idea.
Consider Your Time Commitment
Another thing you need to think about before you can even start looking for the right franchise opportunity for 2016 is to know how much time you can devote to the franchise. This will help determine the type of franchise as well as the size. Keep in mind that the initial startup of the franchise requires significantly more time than after the business gets running so make sure you plan for this. The nice thing about owning a franchise is that it gives you flexibility in your schedule but you still will need to provide some sort of time commitment to make things work.
Determine the Risk You Will Take
While you may be a risk-taker when it comes to investing but buying a franchise opportunity is a very different game. This is because it is a total risk. In many cases, you are quitting your job and investing your time and money. This means there is more on the line than with selecting the right stock. You need to think about how much risk you will take in terms of investing in the franchise, choosing the right franchise, and more. This is something you need to keep in mind all the way through the franchise buying process.
Choosing the Best Franchise Opportunity
Now that you have an idea of what you are looking for, the next thing you need to do is narrow your search. There are so many franchise options out there that it can be overwhelming. This is why you need to take the time to look at the industry first rather than looking at specific brands. If you go to franchise portal websites you will be able to narrow your search by the industry as well as by the initial investment cost. Keep in mind that no portal site out there has every single franchise opportunity but you will generally find a good deal of them here.
Do Your Research
Once you have narrowed your search you do not want to just choose a franchise opportunity out of a hat. Rather you need to make sure you research the company to find the one that is right for your needs. However, researching a company is not an overnight process. While it may be long and grueling it is worth it in the long run. Here are the ways that you can research a franchise to help determine if it is the right franchise opportunity for you.
Look at What Sets the Franchise Apart
The first thing you should do when you are looking at a franchise opportunity is to see what makes it different from the competition. So for instance, if you were looking at dog grooming franchises many of them offer about the same thing. The difference when looking at Splash and Dash as a franchise is a concept is based on a monthly membership program that allows people to bring in their dogs as often as they want for one low price.
Examine Their Reputation with Customers
Another thing you want to do when you are researching a franchise is to look at their reputation. This is important because it is something you will be buying into and will have a serious impact on your franchise. This is why you need to take the time to find out the type of reputation this company has. To do this you want to look at several different things such as:
- Online reviews
- BBB status
- social media presence
- Testimonials on their website
These are just a few of the places you can look to get an idea of what customers think of the brand. While the reputation of the franchise does not have to be perfect, you want to make sure they have a decent reputation. Since many consumers will check a company’s reputation before using them.
Contacting the Franchise
Once you have looked at all these aspects of a franchise, the next thing you need to do is talk with a representative from the franchise. Chances are the first conversation will be short. They will answer basic questions but will want you to fill out the information to determine whether or not you are a good candidate for the franchise before they get more in-depth. Make sure as you go through the franchise process you ask all the questions you have so there is no doubt in your mind that this is the right franchise for you.